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. these are your headlines from around the world. >> president obama calls congressional leaders to the white house today in what could be the last chance to come talk before the u.s. falls off the fiscal cliff next week. >>> investors are bracing for the final eurozone bond sale of the year. italy will sell up to 6 billion later today. >> and the yen has been sent lower and stocks to their highest level in 21 months. >>> this is the final "worldwide exchange" from london of the year. louisa is here for it. >> i can't believe it. it's my last working day of the year, as well. >> is it? >> yes. >> unfortunately we'll still be talking about the same thing we're talking about now. >> although i feel we'll be talking more debt ceiling, as well. >> and speaking of which, president obama is trying a last ditch effort to restart budget talks days before the u.s. goes over the fiscal cliff. speaker john boehner has called the house back into session sunday evening. house majority leader eric cantor is telling his members to be prepared to work through january 2nd. both sides are still far apart on taxes an
, thanks for all that. rick santelli in chicago. a last-minute effort by the white house. president obama set to meet with congressional leaders today, 3:00 eastern time, in an effort to avert going over the fiscal cliff. with only three days to go, our next guest says it's not falling over the cliff we should be worried about, it's how much the landing is going to hurt. brian mcginnis is the head of the campaign to fix the debt, president of the committee for responsible budget and joins us this morning from washington. maya, good morning. what do you mean by that? what are you trying to say when you talk about the landing hurting the most? >> well, the point is that the fiscal cliff is a deadline and it's an important deadline that's there to help us focus on getting a big debt deal. the sad state of play is that it appears they're not going to be successful in that. they're not going to be able to replace the cliff with a big, comprehensive debt deal that's big enough to help fix the fiscal challenges of the country. but what's even additionally troubling now is that we may actually go
with the obama white house. >> the president's statement is right. no one wants taxes to go up on the middle class. i don't want them to go up on anybody. i'm not in the majority of the united states senate. he is the president of the united states. >> when i listen to the president i think the president is eager to go over the cliff for political purposes. i think he sees a political victory at the bottom of the cliff. he gets all this additional tax revenue for new programs. he gets to cut the military which democrats have been calling for for years. and he gets to blame republicans for it. >> as a practical matter it's already too late for employers to accurately withhold taxes from january paychecks unless there is no change. so workers will feel immediately that 2% hike in the social security tax in those first january pay checks. bill? >> hampton, good to see you. merry christmas. we'll see you later. >> merry christmas to you. >> our next guest says he is unlikely to support any deal the president and speaker can come up with. republican senator joe walsh from illinois joins us right
holding onto the 1400 level. president obama is back at the white house. all eyes are on senate lawmakers now. amam jabbers is in washington. >> reporter: president obama did cut his vacation short in hawaii. he has arrived back at the white house this morning. the president emerging from marine one. what he's going to work on here in washington is pretty much anybody's guess at this point. the senate came back into session this morning and senate majority leader harry reid took to the senate floor to explain that he thought a $250,000 and above extension of the tax -- bush tax cuts could, in fact, pass and he was extremely, extremely angry in ways that you really hear on the senate floor with the speaker of the house. take a listen. >> it's beings operated with a dictatorship of the speaker not allowing the vast majority of the house of representatives to get what they want. if the 250 would be brought up, it would pass. >> so harry reid there calling house speaker john boehner a dictator for not bringing a bill to the floor that would extend the bush tax cuts for all those who make less
everybody, we are waiting for president obama to speak at that podium at the white house in about 9 minutes time. our own john harwood adding to the optimism by suggesting they have agreed on levels of 39.6% tax would kick in at 400,000 for a single person, $450,000 for a family. we will wait and see what obama is able to tell us at that news conference in 8 minutes time. the u.s. is now on the edge of the fiscal cliff. hours to go until the deadline and as we get closer in theory, the pentagon is getting ready to layoff quite literally thousands of employees because of the automatic spending cuts that go into effect if no deal is reached in d.c. at midnight. we have more on that fall out, hunter? >> how you doing simon? ? yes, just to flush out a little bit of what ber that was talking about, is delaying the spending cuts, down to the wire of the fiscal cliff negotiations. it is an absolute must across the potomac river at the pentagon. there would be a $55 million in spending, about 10% cut in many programs while a lot could be delayed, the most immediate contingency is notifying an estim
. a smart way to help manage hunger and diabetes. >>> as we speak, congressional leaders and president obama are meeting at the white house as they work on last-minute negotiations to try to avoid the fiscal cliff. our eamon javers also reported just moments ago that treasury secretary timothy geithner is at the meeting as well. we're going to monitor that situation for you, and, of course, bring you all the latest developments on that. in the meantime, oil is up for the week, but ending on a down note today. cnbc's bertha coombs is at the center of all the action at the nymex. >> reporter: we're seeing oil back fractionally positive at this hour with thoseeadl crossing, but overall it was a somewhat down day after we got a disappointing report from the eia inventories delayed because of the christmas holiday. it was a smaller than expected drawdown in crude stocks, and also notable. we saw a $2 million barrel build when it came to crude stocks at the nymex hub in oklahoma. now at a record 49 million barrels to end the year. ironically we do have wti nymex up for the week, and it's actually
are your morning headlines. president obama will meet with top congressional leaders at the white house this afternoon. 3:00 p.m. eastern in hopes of making progress on the fiscal cliff talks. in addition the house will be back in session on sunday. we've got more on all of this in a moment. while lawmakers have been preoccupied with the fiscal cliff, they've not dealt with passing a new farm bill. "the washington post" now reporting that unless one is passed by january 1st, the formula for establishing minimum milk prices would revert to the one that was in place back in 1949. the paper says that could boost milk prices more than $3 a gallon. we're going to get another read on the housing market recovery this morning. the national association of realtors is out with its pending home sales report for november. that's coming at 10:00 a.m. eastern time. looking for an increase of 1.5%. that follows a 5.2% rise in october. pending home sales, of course, a measure of home sales on home sale contracts signed but not yet out. >> a big deal. the milk. >> the milk thing could be huge. you think
to see you, thank you. >> thank you very much. >> president obama, congressional leaders meeting at the white house to avoid the fiscal cliff. we'll bring you the latest developments on that any minute now. >> also, we'll check up on health care, one of the year's best performing sectors. we'll find out if it's going to run out of steam in the new year and name some names for you coming up. >> and later on, big sky, big jump in estate taxes if congress fails to reach a deal on the cliff. we'll talk to a montana rancher who is pretty upset. coming up, montana's governor brian schweitzer is going to weigh in. >> looks like the meeting may have broken up. there goes nancy pelosi, and we are told now house speaker boehner may have already left, and, no, they are not talking to reporters. nancy is looking for her car to leave the white house, and we're not getting anybody talking to the reporters at this point, so maybe we'll get some -- and i'm told now the futures market in the after-hours pegs is extending the losses that we've been seeing in the last hour of trade. maybe we'll get
from the white house. three days to go. president obama asked the senate leaders to try to make a deal. we'll get more on all of it from washington next. so, this board gives me rates for progressive direct and other car insurance companies? yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? yes. rates for us and them -- now that's progressive. call or click today. ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain relief with just two pills. >>> welcome back to "the kudlow report." i'm michelle caruso-cabrera in for larry kudlow. we continue to wait for a fiscal deal. president obama has punted the decision to the senate asking them to come up with a deal. the markets don't like it. they sold off today during the after-hours session and stocks are getting hammered. we haven't seen anything from president obama on the deteri
, the senate did get some work done this weekend. ten months after he was nominated by president obama. baer whob is a white collar criminal defense lawyer used to work at a trade commission. so how should investors be positioning themselves as we head into 2013? here is what some of our guests have been telling us. >> next year is very much you've got to be aware of your idiosyncratic risks out there. clearly, the default cycle is quite low. you know, if companies can finance themselves at very low levels, as long as we don't get a big back up in interest rates or yields for any reason due to sovereign risks elsewhere, then i suspect the cycle will remain quite low. if you look at where valuations are in terms of high yield investment grade, in fact, valuations are still, even after this big move we've had in the last six months compared to where the default cycle is, still look a reasonable value. >> the first half of next year doesn't look all that great. we're counting on the second half of next year after there's a little momentum. once the fiscal cliff gets resolved, we think there wil
would go over the cliff. will are no assurances of that. a white house official told me as president obama prepares to fly back to conduct and participate in the negotiations at the end, there has been no progress over the holiday weekend. michelle, i'm afraid that people who are looking for a deal and looking for a deal by december 31, all hope is not lost. it is not looking good at the moment. >> let's go back to this hitting the debt ceiling on monday. we learned of this because treasury secretary tim good night mother sent a letter to the honorable harry reid majority leader. and that's where he outline it is fact that in three business days, the summit government is going to run out of borrowing capacity. john, if there were a treasurer in a business who went to their boss and said by the way, three business days, the working capital account dies and as a result, you are not going to make payroll next week, that person would be fired. we get three days notice about hitting the debt ceiling? that seems absurd to me. >> it is not a surprise.rise we have known we were coming to thi
cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point when that meeting will take place and details are still being hammered out and we saw today a blistering series of rhetorical jabs from one side to the other and it's not clear as a result of all that whether a deal can, in fact, get hammered out in the remaining time before new year's eve and take a listen to senate republican leader mitch mcconnell earlier today explaining the problems he's facing in washington. take a listen. >> the truth is we're coming up against a hard deadline here and as i said, this is a conversation we should have had months ago. and republicans aren't about to write a blank check for anything senate democrats put forward just because we find ourselves at the edge of the cliff. >> we do know that the house of representatives has been told that the members there should be back in town here in washington expecting votes on sunday at 6:30 p.m. on sunday and we don't be what that will be and we should get m
. >> a white christmas. >> super white christmas. gnomes are everywhere. the little guys out under the trees. >>> the deadline to avoid the fiscal cliff is just a week ago. on fri, president obama said he still hoped to work out a deal to keep taxes for 98% of americans from going up on the first of january. but both sides aren't talking and congress is in recess until after christmas. republicans aren't holding out any hope for a deal. >> i would hope that we would have one last attempt here to do what everyone knows needs to be done, which is a larger plan that really does stabilize the debt and get us moving in the right direction. >> if we get down to the end of this year and the oil only choice we have is to save taxes going up on the middle class, then i would support that. but i wish we had a comprehensive bill that dealt with spending and entitlement altogether. >> i believe the president senses a victory at the bottom of the cliff. >> some finger pointing. other republicans are now looking past new year's day to the next battleground. >> i will raise the debt ceiling only if we save
measure. and finally, president obama has returned from his vacation in hawaii to try to kick start those talks. but the white house officials tell me there are no signs of progress yet. they have to hope that when members come back to washington on the 27th, that is thursday wblg that both the president, democrats in the senate, republicans in the senate and then both parties in the house can come together on at least a short-term deal. back to you. >> a short-term deal. joining us now is tim stanley, a u.s. historian at oxford university. welcome. >> good morning. >> we've been following this together for the last several months. how do you feel about the prospects of a deal before monday? >> not so bad about that, actually. last week i felt quite good about a deal happening. >> what changed? >> it turned out that boehner didn't have the votes, a mistake i made, i think, and some other people made, too. not thinking enough about the hard core conservative republicans who were not going to vote for any kind of tax increase, either because they didn't think they could sell it. so we're no
. >> he says nothing. >> surprised to see such a partisan -- >> the white house -- >> were you, really? >> to president obama. >> i thought he was just -- the way he was appreciating it, that was what it was. >> there's been -- >> how is it -- >> that's not the quote? >> that is the quote but the context of it might have been somewhat different than was portrayed. >> but you don't know that. >> whatever the case, i mean the guy won re-election. he won -- >> and he won the first time. >> elections have consequences. >> exactly. so why would he take the same tack that he took in the summer of 2011 -- >> maybe because we might have gotten a deal? >> we might have gotten a deal. but he was moving towards a deal and then boehner pulled out. why did boehner pull out? what's the other side -- >> the other side said that he -- >> which side -- >> not last -- i don't want to relitigate that but for whatever reason boehner pulled to plan "b," thought he could get it passed, didn't deliver on it. >> what do you think happened there? >> with the republican caucus? >> there was a postmortem in the
. >> just joining us, so much has happened in the past couple of hours. president obama met with congressional leaders at 3:00. no offer on the part of the president. the leaders came out with very different messages. senator mcconnell said we had a good meeting down at the white house. hopeful and optimistic. senator reid says the meeting was constructive. the president just came out from a statement about 20 minutes ago from the briefing room of the white house saying the time for immediate action is here and is now. he's urging senators reid and mcconnell to come up with some sort of a plan. if that does not work and they don't many up with a plan, his next option is to urge senator reid to put to the senate a simple up-or-down vote on a slimmed down plan that will prevent taxes from rising on middle class americans and based on unemployment insurance benefits. there you have it. that's the very latest at this point, again, senatored reid and mcconnell hard at work hopefully on some sort of a deal. and the next time we'll hear from the president will be on the "meet the p
christmas, congress and the white house will have to start to deal with what president obama called the real consequences of going over that fiscal cliff. >> nobody can get 100% of what they want. and this is not simply a contest between parties in terms of who looks good and who doesn't. there are real world consequences to what we do here. >> a short-term deal won't just focus on tax rates. the end of the payroll tax cut and the impact of the hike in the minimum tax on january 1st. over the weekend, we did hear from some republican moderates who say it may in fact be time to make some kind of a move. >> the president's statement is right, no one wants taxes to go up on the middle class. i don't want them to go up on anybody. but i'm not in the majority in the united states senate and he's the president of the united states. >> now the focus shifted to mitch mcconnell. the senate taking the lead on a compromise with democrats, and something that can get some support among house republicans. carl? >> hampton, thank you very much. hampton pearson in washington. >> the gift that keeps on givin
want to ask congresswoman decapito, who we know is very smart because she went to duke, president obama said he's not going to negotiate on the debt limit and white house aides tell me he's serious about it. what are you going to do when the debt limit rises in a couple of months, you want to negotiate on that and he says, sorry. >> i find it interesting that tim geithner says the debt limit is up at the end of the year. really? throw that one out. he voted not to let president bush have the right to raise the debt limit. i think this is a check and balance that we need to have 234 congress. i don't think he's going to get his way on that. i think the speaker did -- >> do you think he will buckle and negotiate? >> he's going to have to because he needs that. and i think that does provide leverage in the congress. it is ugly and i don't want to go through it again,=/$fnñ"3g-u our thanks to congresswoman capito and congressman meeks. >> i think you have an opportunity while you're there to negotiate all this yourself. you could play the role of -- anyway, comments, questions about anyth
Search Results 0 to 17 of about 18